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Argonaut Resources raises $5.5 million to progress Torrens iron oxide copper-gold project

The company will use the funds raised under the placement to advance its exploration projects.
Picture of cash
A large iron oxide copper-gold (IOCG) system at Torrens which management believes could be bigger than Olympic Dam

Argonaut Resources NL (ASX:ARE) has completed a private share placement, raising $5.5 million at an issue price of 2 cents.

This represents a fairly nominal discount to the company's recent trading range which has fluctuated between 2.2 cents and 2.4 cents.

Argonaut chief executive officer Lindsay Owler said: “The company has tenaciously pursued exploration access to the Torrens project for a long time and we now have both access approvals and funding in place.”

Funds to assist in drilling at Torrens

The placement was made to sophisticated and professional investors.

The company will use the funds raised under the placement to advance its exploration projects.

READ: Argonaut Resources has market's attention with Olympic Dam style target

In particular, the funds will assist in undertaking a major drilling program at the Torrens project in South Australia.

30-hole drilling program

Argonaut is targeting a large iron oxide copper-gold (IOCG) system at Torrens which it believes could be bigger than Olympic Dam.

The 30-hole diamond drilling program will test to an average depth of 1000 metres.

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